PMX - PMX: Momentum And Relative Valuation Continue To Make This Muni Fund A Buy
2024-02-23 15:42:40 ET
Summary
- PIMCO Municipal Income Fund III is evaluated as an investment option. At first glance, this fund offers value compared to PIMCO's other national muni CEF offerings.
- The fund is long on Texas muni bonds, which I view favorably for their strong credit rating and diversification benefits.
- Munis will see renewed interest if the tax cuts from the 2017 TCJA are not extended this year. That is a fundamental tailwind for the sector.
Main Thesis & Background
The purpose of this article is to evaluate the PIMCO Municipal Income Fund III (NYSE: PMX ) as an investment option at its current market price. This is a fund I keep on my radar screen because I see value in PIMCO's CEF offerings across the board on many occasions. I am an avid investor in the muni space, and I have held muni CEFs from PIMCO in the past....
PMX: Momentum And Relative Valuation Continue To Make This Muni Fund A Buy